Homework Answers
| Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
| Retained Earnings because it is an equity. |
| Accrued rent payable because it is a liability. |
| Accumulated depreciation because it is a contra asset. |
| Deferred rent revenue because it is a liability. |
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Question 3 (20 points) Which of the following accounts are balance sheet accounts? (select all that...
Which of the following statements are correct about closing entries? (select all that apply - i.e....
Which of the following statements are correct about closing entries? (select all that apply - i.e. just one or as many as all of them) The cash account is closed to retained earnings The account "deferred rent revenue" is usually debited They usually involve a temporary "cash summary" account The account "Accumulated depreciation" is usually credited The account "Cost of goods sold" is usually debited The account "sales revenue" is usually debited
Which of the following balances increase when their accounts are debited? (select all that apply -...
Which of the following balances increase when their accounts are debited? (select all that apply - i.e. just one or as many as all of them) Rent revenue Prepaid rent A contra-asset account Inventory A contra-revenue account Accrued interest payable O A contra-expense account Cost of goods sold
Problem 1-63A (Algorithmic) Income Statement, Retained Earnings Statement, and Balance Sheet The following information relates to...
Problem 1-63A (Algorithmic) Income Statement, Retained Earnings Statement, and Balance Sheet The following information relates to Ashton Appliances for 2019. Accounts payable $16,800 Accounts receivable 70,300 Accumulated depreciation (building) 106,200 Accumulated depreciation (furniture) 27,600 Bonds payable (due in 7 years) 192,000 Building 300,000 Cash 41,450 Common stock 115,620 Cost of goods sold 511,350 Depreciation expense (building) 11,050 Depreciation expense (furniture) 12,000 Furniture 130,000 Income taxes expense 16,650 Income taxes payable 11,400 Insurance expense 36,610 Interest expense 15,500 Inventory 59,850 Other...
Which of the following accounts would appear on the balance sheet of a company? Select all...
Which of the following accounts would appear on the balance sheet of a company? Select all that apply. Select one or more: a. Salaries expense b. Unearned revenue c. Prepaid expenses d. Accumulated depreciation e. Cash
Chapter 5-Balance Sheet Using the following information, prepare a Classified Balance Sheet Accounts Payable Accounts Receivable...
Chapter 5-Balance Sheet Using the following information, prepare a Classified Balance Sheet Accounts Payable Accounts Receivable $19,4 82460Office Equipment 7.900 Office Supplies 23,00 18,75 Accumulated Depreciation Office Equipment Accumulated Depreciation Store Administrative Expenses Allowance for Doubtful Accounts 32,000 Revenue 68,19 28,980 36,000Sales ed Earnings Payable Ex Cost of Merchandise Sold Common Stock 9,09 42,780 nterest Expense 800 Equipment 25,100 nearned Rent Merchandise Inventory Notes Payable (due in two years) 20 Total Current Assets Net Property, Plant, & Equipment I Assets...
Can you make a balance sheet using the following information: General Ledger Accounts Title Debit Credit Cash 468,236,1...
Can you make a balance sheet using the following
information:
General Ledger Accounts Title Debit Credit Cash 468,236,170 Accounts Receivable 47,294,000 Allowance for Bad Debts 1,181,880 Inventory 13,556,530 Notes Receivable 400,000 Accumulated Depreciation 74,937,000 Equipment 114,940,000 Buildings 1,000,000 Land 2,914,300 Patents 180,000 Accumulated Amortization 53,000 Interest Receivable 4,666 Prepaid Insurance Expense Accounts Payable 10,000 95,550,000 Unearned Rent Revenue Common Stock 120,006,500 APIC-Common Stock 266,266,500 Retained Earnings 73,230,000 65,421,000 10,000 Sales Revenue Rent Revenue 4,666 Interest Revenue Loss on Sale of...
Below are all the accounts from the adjusted trial balance of Fisk Corporation. All accounts have...
Below are all the accounts from the adjusted trial balance of Fisk Corporation. All accounts have normal balances. Using the information below, prepare for the month ending December 31, 2016. 1. an income statement. 2. a retained earnings statement. 3. a balance sheet. **Remember to format your Financial Statements FISK CORPORATION Account Balances from the Adjusted Trial Balance December 31, 2016 Account Balance Salaries & Wages Payable………………………………………………. $ 5,800 Insurance Expense……………………………………………………….. 2,000 Notes Receivable…………………………………………………………. 10,000 Common Stock…………………………………………………………… 44,000 Inventory………………………………………………………………… 49,400 Cost of Goods...
E5-4B (L02,3) (Preparation of a Classified Balance Sheet) Assume that Cluver Inc. has the following accounts...
E5-4B (L02,3) (Preparation of a Classified Balance Sheet) Assume that Cluver Inc. has the following accounts at the end ofthe current year. 1. Accrued Salaries Payable. 14. Common Stock 2. Cash Restricted for Plant Expansion. 15. Treasury Stock (at cost). 3. Land Held for Future Plant Site. 16. Raw Materials. 4. Accumulated Depreciation Buildings. 17. Unearned Rent Revenue. 5. Retained Earnings 18. Copyrights. 6. Unearned Subscriptions Revenue. 19. Notes Receivable (short-term). 7. Finished Goods. 20. Cash. 8. Accounts Receivable. 21....
Prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet using the following information. Credit...
Prepare an Income Statement, Statement of Retained Earnings, and
Balance Sheet using the following information.
Credit (CR) Debit (DR) 11,000 Cash 5,000 23,500 4,000 12,000 4,000 2,500 3,800 60,000 32,000 29,500 21,000 Accounts Payable Accounts Receviable Rent Expense Unearned Revenue Depreciation Expense Prepaid Insurance Supplies Expense Equipment Accumulated Depreciation - Equipment Cost of Goods Sold Merchandise Inventory Notes Payable Salary Payable Buildings Interest Payable Sales Revenue Interest Expense Supplies Accumulated Depreciation - Buildings Prepaid Insurance Common Stock Retained Earnings Dividends...
Question 3 (15 points] Following is the adjusted trial balance, with accounts listed in alphabetical order...
Question 3 (15 points] Following is the adjusted trial balance, with accounts listed in alphabetical order for Holden Corp. at September 30, 2014. Use this information to prepare the closing entries. Use the numbers below as the description for the corresponding closing entry 1. Close all temporary credit balance accounts to the income summary account. 2. Close all temporary debit balance accounts to the income summary account 3. Close the income summary (not income) to retained earnings 4. Close the...
Which of the following statements are correct about closing entries? (select all that apply - i.e. just one or as many as all of them) The cash account is closed to retained earnings The account "deferred rent revenue" is usually debited They usually involve a temporary "cash summary" account The account "Accumulated depreciation" is usually credited The account "Cost of goods sold" is usually debited The account "sales revenue" is usually debited
Which of the following balances increase when their accounts are debited? (select all that apply - i.e. just one or as many as all of them) Rent revenue Prepaid rent A contra-asset account Inventory A contra-revenue account Accrued interest payable O A contra-expense account Cost of goods sold
Chapter 5-Balance Sheet Using the following information, prepare a Classified Balance Sheet Accounts Payable Accounts Receivable $19,4 82460Office Equipment 7.900 Office Supplies 23,00 18,75 Accumulated Depreciation Office Equipment Accumulated Depreciation Store Administrative Expenses Allowance for Doubtful Accounts 32,000 Revenue 68,19 28,980 36,000Sales ed Earnings Payable Ex Cost of Merchandise Sold Common Stock 9,09 42,780 nterest Expense 800 Equipment 25,100 nearned Rent Merchandise Inventory Notes Payable (due in two years) 20 Total Current Assets Net Property, Plant, & Equipment I Assets...
Can you make a balance sheet using the following
information:
General Ledger Accounts Title Debit Credit Cash 468,236,170 Accounts Receivable 47,294,000 Allowance for Bad Debts 1,181,880 Inventory 13,556,530 Notes Receivable 400,000 Accumulated Depreciation 74,937,000 Equipment 114,940,000 Buildings 1,000,000 Land 2,914,300 Patents 180,000 Accumulated Amortization 53,000 Interest Receivable 4,666 Prepaid Insurance Expense Accounts Payable 10,000 95,550,000 Unearned Rent Revenue Common Stock 120,006,500 APIC-Common Stock 266,266,500 Retained Earnings 73,230,000 65,421,000 10,000 Sales Revenue Rent Revenue 4,666 Interest Revenue Loss on Sale of...
E5-4B (L02,3) (Preparation of a Classified Balance Sheet) Assume that Cluver Inc. has the following accounts at the end ofthe current year. 1. Accrued Salaries Payable. 14. Common Stock 2. Cash Restricted for Plant Expansion. 15. Treasury Stock (at cost). 3. Land Held for Future Plant Site. 16. Raw Materials. 4. Accumulated Depreciation Buildings. 17. Unearned Rent Revenue. 5. Retained Earnings 18. Copyrights. 6. Unearned Subscriptions Revenue. 19. Notes Receivable (short-term). 7. Finished Goods. 20. Cash. 8. Accounts Receivable. 21....
Prepare an Income Statement, Statement of Retained Earnings, and
Balance Sheet using the following information.
Credit (CR) Debit (DR) 11,000 Cash 5,000 23,500 4,000 12,000 4,000 2,500 3,800 60,000 32,000 29,500 21,000 Accounts Payable Accounts Receviable Rent Expense Unearned Revenue Depreciation Expense Prepaid Insurance Supplies Expense Equipment Accumulated Depreciation - Equipment Cost of Goods Sold Merchandise Inventory Notes Payable Salary Payable Buildings Interest Payable Sales Revenue Interest Expense Supplies Accumulated Depreciation - Buildings Prepaid Insurance Common Stock Retained Earnings Dividends...
Question 3 (15 points] Following is the adjusted trial balance, with accounts listed in alphabetical order for Holden Corp. at September 30, 2014. Use this information to prepare the closing entries. Use the numbers below as the description for the corresponding closing entry 1. Close all temporary credit balance accounts to the income summary account. 2. Close all temporary debit balance accounts to the income summary account 3. Close the income summary (not income) to retained earnings 4. Close the...
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